Rolling Stone Magazine Partners With Asian Billionaire's Son
Kuok Meng Ru's BandLab Technologies has acquired a 49% stake.
Yoolim Lee, Bloomberg’s Southeast Asia technology news correspondent, is based in Singapore. And it is from that pristine city today that she has dropped some major American media news.
She leads with a clever Beatles-Joe Cocker song reference and then shares the details of the deal:
The founder of Rolling Stone is selling 49 percent of the iconic magazine to an Asian billionaire’s son. It’s the first time Jann Wenner has admitted an outside investor, a deal that encapsulates the plight of an industry fighting to stay relevant in an online age.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in